Simulation Modeling Using @RISK: Updated for Version 4 [Paperback]

Wayne L. Winston (Author)

Book Description

Publication Date: November 3, 2000 | ISBN-10: 053438059X | ISBN-13: 978-0534380595 | Edition: 1

With its understandable explanations of Monte Carlo and step-by-step instructions for Microsoft Excel, Lotus, and @Risk software, this text/software package offers both the instruction and the practice students need to begin solving complex business problems. It is designed for use as the primary learning tool in a short business simulation course (for advanced undergraduate and MBA students), or as a supplement to courses in investments, corporate finance, management science, marketing strategy, operations management, and actuarial science.

Editorial Reviews

About the Author

Wayne L. Winston is Professor of Operations and Decision Technologies in the Kelley School of Business at Indiana University, where he has taught since 1975. Wayne received his B.S. degree in mathematics from MIT and his Ph.D. degree in operations research from Yale. He has written the successful textbooks OPERATIONS RESEARCH: APPLICATIONS AND ALGORITHMS, MATHEMATICAL PROGRAMMING: APPLICATIONS AND ALGORITHMS, INTRODUCTION TO PROBABILITY MODELS, SIMULATION MODELING WITH @RISK, DATA ANALYSIS AND DECISION MAKING, DATA ANALYSIS FOR MANAGERS, PRACTICAL MANAGEMENT SCIENCE, AND FINANCIAL MODELS USING SIMULATION AND OPTIMIZATION. Wayne has published more than 20 articles in leading journals and has won many teaching awards, including the school-wide MBA award four times. His current interest is in showing how spreadsheet models can be used to solve business problems in all disciplines, particularly in finance and marketing.

Product Details

• Paperback: 226 pages
• Publisher: Duxbury Press; 1 edition (November 3, 2000)
• Language: English
• ISBN-10: 053438059X
• ISBN-13: 978-0534380595
• Product Dimensions: 9 x 7.3 x 0.6 inches
• Shipping Weight: 13.6 ounces (View shipping rates and policies)
• Average Customer Review: 3.1 out of 5 stars  See all reviews (8 customer reviews)
• Amazon Best Sellers Rank: #1,241,800 in Books (See Top 100 in Books)

More About the Author

Wayne L. Winston is a professor of Decision Sciences at Indiana
University, Kelley School of Business and has earned numerous MBA teaching
awards over the past two decades. Wayne also consults for several Fortune
500 clients. He and his business partner Jeff Sagarin developed the
statistics tracking and rating system used by the Dallas Mavericks
professional basketball team. Wayne is also a two-time Jeopardy champion.

Customer Reviews

Most Helpful Customer Reviews

5 of 5 people found the following review helpful:

2.0 out of 5 stars You don't need this book, October 15, 2008

By 

Genevieve Hayes (Australia) - See all my reviews
(REAL NAME)   

This review is from: Simulation Modeling Using @RISK: Updated for Version 4 (Paperback)

There are only two reasons that I can think of as to why a person might want to buy this book: either they want to learn about simulation modelling or they want to learn how to use @Risk. Regardless of which category you fall into, buying this book is not the best course of action.

Although, if you read this book, you would undoubtedly learn something about simulation modelling, there are better books to teach you about simulation. Winston presents very little of the theory behind simulation in this book and instead focuses on teaching through examples. I don't have a problem with the use of examples in text books, I think examples are essential, but unless the theory used in those examples is also presented, it can be difficult to apply that theory to other problems that may differ from the examples. For those of you looking for a good introductory text on simulation, try "Simulation" by Sheldon M. Ross instead.

On the other hand, if you are only interested in learning how to use the @Risk computer package, then you don't need this book. Admittedly, Winston does do a reasonable job of introducing readers to the basics of @Risk, but if you have this program on your computer, then you will already have access to the built in tutorial video and the 511 page manual, which are a lot more detailed. When I learnt @Risk, I found that the easiest way to learn this program was to work through the tutorial video, stopping after each action was demonstrated and repeating it myself. Taking that approach, I learnt this program in under 3 hours. Whenever I need additional help, I just look at the instruction manual. I have barely touched Winston's book since buying it.

Note that @Risk is NOT a free-ware program. It is an add-on program for Microsoft Excel that must be purchased separately. It is an excellent program, which I highly recommend, but it is also quite pricey. This book includes a CD that contains a 30 day trial version of @Risk version 4.0 (the latest version of @Risk, at the time of writing this, is version 5.0), but if you wish to use this program after the 30 day period expires, then you are going to have to pay a lot. This book does not give instruction on simulation using any other computer packages.

6 of 7 people found the following review helpful:

5.0 out of 5 stars Software Update in Simulation Modeling Using @RISK, April 5, 2002

By A Customer

This review is from: Simulation Modeling Using @RISK: Updated for Version 4 (Paperback)

Readers should note that until 11/2000 Simulation Modeling Using @RISK was shipped with an older version of the @RISK software. Customer reviews that reference software problems are all reviews of this older edition of the book. The current edition ships with @RISK 4.0; software that supports all newer versions of Excel and Windows. The text has been entirely updated to reflect this newest version of @RISK.

2 of 2 people found the following review helpful:

4.0 out of 5 stars The book was well received, the software was......, July 11, 2000

By A Customer

This review is from: Simulation Modeling Using @Risk (Paperback)

I rated this book earlier as "a reader from Spokane Wa.". I wish to append the earlier statement, and add that you can get current a demo version of @Risk software from Palisade that is outstanding. I was so impressed that I purchased @Risk 4.0 from them, and subsequently ordered a number of other books by Wayne Winston, as well. I think that it would be only fair to retract most of my earlier statement. I understand that they are intending to soon publish a 2nd release of the book with updated software.